Well, it's the largest investment we've made in reducing carbon pollution. It implements a 15% minimum tax on most of the big corporations that have been using loopholes to make their effective tax rate zero, or even negative. Also, it allows Medicare to finally negotiate for lower prescription drug costs, and caps the out of pocket drug expense for the elderly at about $2000 per year. It also mandates the government to sell leases to oil companies, which should increase production and bring down fuel costs over time. And the bill is about $30 billion/year revenue positive, so it will reduce the deficit by about $300 billion over a decade. Basically, it's as much good as senators Manchin and Sinima would allow.
With a couple more "real" democrats in the Senate, we could have eliminated some more of the corporate tax loopholes, subsidized child care, capped insulin at $35/month for everyone, and extended the child tax credit. Since we can't do any more reconciliation bills during this Congress, the rest of this stuff will have to wait until the next time Dems control both chambers of Congress and the White House, so it could be a while depending on how the midterms turn out.
I'm not a real big fan of taxing the hell out of people for driving when we have politicians and rich people jetting around making more pollution than any of us could ever dream of... I'm also not a big fan of anything related to such "carbon taxes" until they find a way to tax volcanos or cap them off!
Cutting off tax loopholes might help if the loopholes weren't valid deductions, but often times once you stop one loop-hole, they find another. So I guess time will tell on that one.
Big fan of lowering prescription drug costs and caps on the out of pocket drug expense for the elderly! Big fan of selling oil leases because I'm not impressed with these new electric vehicles just yet and hope gas prices can be lowered as a result - and maybe they could even bring back the racing gas! Big fan of reducing the deficit too!
Not really a big fan of subsidized child care, I think the better way to spend the money would be to subsidize the Mother so she can stay home to take care of her family! Although I understand that single parents often times don't have that luxury... but then again they are only single because they didn't sacrifice to hold the family together. I'm somewhat torn on this issue I suppose... But I'm a big fan of subsidizing insulin for people! And even though I won't have any child tax credits after this year, I'm still a big fan of extending them for people who do! They really helped a lot when I had kids!
I'd imagine any bill is a give and take, but I have to hand it to the Democrats: at least they are passing bills while they have a majority, rather than squandering it like Republicans often do with their in-fighting and power squabbles...
I'm usually not opposed to spending on things for the American people, even if it's not a hot button issue for me...
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What is to give light must endure burning -- Viktor Frankl
The real question is... WHEN WILL WE SEE DEFLATION?
The Inflation Reduction Act that was signed into Law has a very specific name - "Reduce Inflation"...
We are not seeing that yet as even big companies like Ford, Tesla and just about EVERYONE else are increasing prices! From Taco-Bell to Home Depot, the inflation pain is real and on-going! I know things don't happen over night, but I get this really bad feeling that the only way to stop this will be to run the entire economy and stock market into the ground! At the rate the Fed is going, we will see double digit interest rates by years end! Not sure cutting off an arm to fix a hang-nail is the best option! But they have to do something drastic to make all this money seem like it all disappeared. And that is what's typical because it all disapears into big business, banks and government coffers. That wouldn't be so bad either if we all have something good to show for it, ie: good infrustructure, health care and better quality of life.
So far I have seen a NIGHT AND DAY change in lending since Biden has been in office! While it almost felt like Trump was trying to choke off the small guy, Biden came out swinging and busted some chops! The real-feel under Biden is such that there is more oppertunity for people like me, rather than having it all concentrated at the top with people like Elon Musk, Jeff Bezos and the 1% Trump-types! I did not like that part of the Trump Presidency AT-ALL! If you were rich and or famous Trump would roll out the red carpet, if you were poor or middle class he just let you drown... and that is just a fact from where I have been sitting.
We got some big choices in Michigan this November... I didn't vote in the Primary because my wife absolutely HATES Tudor Dixon... apparently all the TV she watches has her convinced that Gretchen is a much better champion of womens rights. The wife and I file taxes together, and we vote together... A lot can happen between now and November! Guess we will see.
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What is to give light must endure burning -- Viktor Frankl
You won't see deflation on most everything. Fuel fluctuates and is in the very small percentage that "may" go down. Once prices go up, they stay there regardless. Shipping, carriers, freight (trickle down to your can of tuna at double) goes up "because of fuel costs", fuel goes down, shipping stays there.
Inflation acts, info provided like "July inflation is xxx" are all bullshit.
-- Edited by Shawnee_B on Thursday 18th of August 2022 04:01:16 PM
